Key insurance insights from KPMG’s Global CEO Outlook have revealed that global insurance CEOs are confident in business growth over the next 3 years.
Key insurance insights from KPMG’s Global CEO Outlook have revealed that global insurance CEOs are confident in business growth over the next 3 years, despite a widespread recognition that they must change from within, embrace cultural change, technology transformation and greater customer focus. ‘Being agile to build resilience’ is a key message from the survey findings and is in response to the insurance sector operating in uncertain times.
The survey revealed the majority of CEOs are increasingly realising the need to embed the culture of agility and innovation in their companies, with 95% wanting their employees to pursue innovation without worrying about negative consequences. In order to build resilience, CEOs are planning to increase their focus on cyber resilience, upskilling their workforce and implementing automated intelligence (AI), however 71% are prioritising investments in technology over building their workforce but only 14% of these have started using AI to automate processes in their organisations. CEOs also realise that as their average tenure is now 5 years, there is an increasing need for them to act with agility.
Simon Nicholas, Partner at KPMG Isle of Man, commented, “While the research is global in nature, I recognise many of the themes from discussions with insurance CEO’s on the Isle of Man. As margins come under pressure, investments in technology continue to be of focus – both strengthening cyber resilience and enhancing operational excellence. In order to compete and not erode capital, optimising administrative processes is vital to improving the customer experience and the bottom line”.
The term Partner refers to a member of KPMG LLC / KPMG Audit LLC.
© 2020 KPMG LLC, an Isle of Man limited liability company and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity. All rights reserved.